Sheffield appreciation rates

Sheffield appreciation rates and housing market information

Sheffield housing market information

With a population of 9,144, 3,918 total housing units (homes and apartments), and a median house value of $85,063, house prices in Sheffield are solidly below the national average.

Single-family detached homes are the single most common housing type in Sheffield, accounting for 75.10% of the city's housing units. Other types of housing that are prevalent in Sheffield include duplexes, homes converted to apartments or other small apartment buildings (13.60%), large apartment complexes or high rise apartments (8.46%), and a few mobile homes or trailers (1.46%).

The most prevalent building size and type in Sheffield are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 56.52% owning and 43.48% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Sheffield's housing was primarily built during this period, from the '40s through the '60s. A full 52.66% of the city's housing hails from this era. Other housing ages represented in Sheffield include homes built between 1970-1999 (25.29%) and housing constructed before 1939 (16.38%). There's also some housing in Sheffield built between 2000 and later (5.68%).

Vacant housing appears to be an issue in Sheffield. Fully 15.69% of the housing stock is classified as vacant. Left unchecked, vacant Sheffield homes and apartments can be a drag on the real estate market, holding Sheffield real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Sheffield home appreciation rates

Appreciation rates for homes in Sheffield have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 10.87%, which ranks in the top 50% nationwide. This equates to an annual average Sheffield house appreciation rate of 1.04%.

Over the last year, Sheffield appreciation rates have trailed the rest of the nation. In the last twelve months, Sheffield's appreciation rate has been 1.27%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Sheffield were at -4.05%, which equates to an annual appreciation rate of -15.25%.

Notably, Sheffield's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Alabama, our data show that Sheffield's latest annual appreciation rate is lower than 70% of the other cities and towns in Alabama.